Yatra Online Inc, a NASDAQ-listed company, has reported a net loss of Rs 27.28 crore for the second quarter of FY24, which is a steep rise from Rs 7.12 crore in the same period last year.
The notable 3.8X increase in losses came despite a 13.9% rise in revenue year-over-year, with earnings of Rs 94.75 crore.
The company's increased revenues were met with a surge in costs; staff expenses rose by 34.3% to Rs 38.63 crore, and marketing and sales expenses climbed by 51.7%, contributing to the company's larger losses.
The report comes amid Yatra Online Inc. initiated a plan to buy back shares worth up to $5 million, representing about 5% of the company's total value.
The company's financials indicated a 55.1% drop in adjusted EBITDA and a 10.2% rise in gross bookings. Air ticketing margins fell by 4.8% due to lower ticket prices, while hotel and package margins grew by 15.6%.
Yatra Online offers an online platform for travelers, providing a wide range of services including access to various accommodations like hotels and homestays, along with facilitating vacation packages, visa processes, tours, and entertainment events.